Ⅰ．THE ECONOMIST IN THE TWENTIETH CENTURY 1
(1) The Present Position of Economics 1
(2) The Utility of Economics 5
(3) The limitations of Economics 11
Ⅱ．FULL EMPLOYMENT AS AN OBJECTIVE 18
(1) Introduction 18
(2) Lord Beveridge＇s Objective 19
(3) An Alternative Conception 30
(4) Qualifications and Reservations 33
(5) Conclusion 38
Ⅲ．THE DOLLAR SHORTAGE 41
(1) The Problem Stated 41
(2) Conceptual Difficulties 42
(3) Balance of Payments Disequilibrium：the Nature of the Problem and its Theoretical Aspects 47
(4) Balance of Payments Disequilibrium：Explanation of the Post-War Situation 52
(5) The Dollar Shortage and Discrimination 56
Ⅳ．THE CONTROL OF INFLATION 60
(1) Introduction 60
(2) The Definition of Inflation 61
(3) The Analysis of Inflation 63
(4) Fiscal Control 67
(5) Monetary Policy 73
(6) The Status of the Note Issue 78
Ⅴ．THE MECHANISM OF INTERNATIONAL PAYMENTS：FIXED AND FREE EXCHANGE RATES 81
(1) Introduction 81
(2) A World Money 82
(3) National Moneys with Fixed Rates of Exchange 85
(4) National Moneys with Adjustable Rates of Exchange 91
(5) National Moneys with Floating Rates 94
Ⅵ．THE CLASSICAL THEORY OF COMMERCIAL POLICY 102
(1) Introduction 102
(2) General Characteristics 102
(3) The Analytical Basis 105
(4) The Practical Application 110
(5) Recent Objections：Unequal Rates of Increase 115
(6) Recent Objections：The Assumption of Full Employment 118
(7) Recent Objections：The Balance of Payments 122
Ⅶ．COMMERCIAL POLICY IN THE PRESENT AGE 125
(1) Introduction 125
(2) The Failure of the Classical Theory 125
(3) The Causes of Failure 127
(4) False Expectations 132
(5) The Flaw in the Classical Theory 135
(6) Unrestricted Bilateralism 140
(7) Multilateral Solutions 143
Ⅷ．PROBLEMS OF INTERNATIONAL FINANCIAL RECONSTRUCTION 148
(1) Introduction 148
(2) Internal Finance and Exchange Rates 148
(3) Convertibility 153
(4) The price of Gold 157
(5) Clearing Unions 161
(6) The General Stability of the System 165
(7) Conclusion 168
Ⅸ．TOWARDS THE ATLANTIC COMMUNITY 170
(1) The Marshall Plan and its Twofold Objective 170
(2) The Political Implications of European Economic Integration 171
(3) The Unacceptability for Great Britain of Political Union with Europe 177
(4) Western Union without Britain 181
(5) The Atlantic Pact and the Atlantic Community 183
(6) Economic Policy in the Atlantic Community 189
(7) Conclusion 196
ANNEX ECONOMIC POLICY IN WAR-TIME 201
(1) Contrasts and Comparisons 201
(2) The Nature of War Potential 204
(3) Mobilization and Transfer 209
(4) Control and Allocation 213
(5) Price-Fixing and Disribution 218
(6) The Role of Finance 221
(7) Conclusion 224